National Research Corporation (NASDAQ:NRCIA) (NASDAQ:NRCIB) today announced results for the third quarter of 2017.
  • Net New Sales $5.4 million
  • Total Contract Value $123.6 million
  • Revenue up 7% to $29.0 million
  • Net Income of $4.2 million

Revenue for the third quarter ended September 30, 2017, was $29.0 million, compared to $27.0 million for the same quarter in 2016. Net income for the quarter ended September 30, 2017, was $4.2 million, compared to $4.7 million for the quarter ended September 30, 2016. Diluted earnings per share decreased to $0.09 for Class A shares and $0.57 for Class B shares for the quarter ended September 30 2017, from $0.11 for Class A shares and $0.66 for Class B shares for the quarter ended September 30, 2016.

Regarding third quarter performance, Kevin Karas, chief financial officer of National Research Corporation, said, “Third quarter net new sales increased by 5% over the same period last year as we continued to add new clients and increase contract value with existing clients during the quarter.  Our increase in operating income from revenue growth was offset by approximately $975,000 in expenses for our proposed recapitalization.”

A listen-only simulcast of National Research Corporation’s 2017 third quarter conference call will be available online at https://edge.media-server.com/m6/p/jfk3domr on November 8, 2017, beginning at 11:00 a.m. Eastern time. The online replay will follow approximately one hour later and continue for 30 days.            

For more than 36 years, National Research Corporation has been a leading provider of analytics and insights that facilitate measurement and improvement of the patient and employee experience while also increasing patient engagement and customer loyalty for healthcare providers, payers and other healthcare organizations in the United States and Canada.  The Company’s solutions enable its clients to understand the voice of the customer with greater clarity, immediacy and depth.             

This press release includes “forward-looking” statements related to the Company that can generally be identified as describing the Company’s future plans, objectives or goals.  Such forward-looking statements are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those currently anticipated.  These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  For further information about the factors that could affect the Company’s future results, please see the Company’s filings with the Securities and Exchange Commission.

     
NATIONAL RESEARCH CORPORATION AND SUBSIDIARYUnaudited Condensed Consolidated Statements of Income(In thousands, except per share data)
     
  Three months endedSeptember 30, Nine months endedSeptember 30,
   2017   2016   2017   2016  
         
Revenue $   28,951      $   27,032   $   87,661   $   81,016  
         
Operating expenses:        
Direct expenses   12,267     11,468       36,706       33,741  
Selling, general and administrative   8,430     7,139     22,021     21,766  
Depreciation and amortization     1,132       1,086       3,376        3,146  
      Total operating expenses   21,829     19,693     62,103     58,653  
         
  Operating income   7,122     7,339     25,558     22,363  
         
Other income (expense):        
  Interest income   29     12     58     34  
  Interest expense   (18 )   (38 )   (68 )   (158 )
  Other, net     40       (4 )     76       112  
         
         Total other income (expense)     51       (30 )     66       (12 )
         
         Income before income taxes   7,173     7,309     25,624     22,351  
         
Provision for income taxes     3,020       2,580       9,198       7,558  
         
        Net income $   4,153   $   4,729   $   16,426   $   14,793  
         
Earnings Per Share of Common Stock:        
  Basic Earnings Per Share:        
      Class A $     0.10   $     0.11   $   0.39   $   0.35  
      Class B $     0.59   $     0.67   $   2.34   $   2.11  
  Diluted Earnings Per Share:        
      Class A $   0.09   $   0.11   $   0.38   $   0.35  
      Class B $   0.57   $   0.66   $   2.28   $   2.08  
         
Weighted average shares and shareequivalents outstanding      Class A - basic     20,788       20,716       20,759       20,712  
      Class B - basic      3,514        3,511       3,514       3,503  
      Class A - diluted     21,740       21,068       21,537       21,017  
      Class B - diluted     3,620       3,556       3,595       3,557  
                         

 

           
NATIONAL RESEARCH CORPORATION AND SUBSIDIARY  
Unaudited Condensed Consolidated Balance Sheets  
(Dollars in thousands, except per share amounts and par value)  
           
  Sep. 30,     Dec. 31,  
  2017     2016  
ASSETS              
Current Assets:              
  Cash and cash equivalents $ 35,750     $ 33,021  
  Accounts receivable, net   13,588       10,864  
  Income taxes receivable   61       14  
  Other current assets   4,423       3,166  
    Total Current Assets   53,822       47,065  
               
Property and equipment, net   12,089       11,806  
Goodwill   58,036       57,861  
Other, net   4,793       3,892  
    Total Assets $ 128,740     $ 120,624  
               
LIABILITIES AND SHAREHOLDERS' EQUITY              
               
Current Liabilities:              
  Accounts payable and accrued expenses $ 3,757     $ 3,916  
  Deferred revenue   18,486       15,497  
  Accrued compensation   4,151       4,543  
  Dividends payable   4,218       4,213  
  Income taxes payable   1,862       662  
  Notes payable   1,693       2,683  
    Total Current Liabilities   34,167       31,514  
               
Non-Current Liabilities   5,729       6,304  
               
    Total Liabilities   39,896       37,818  
               
Shareholders' Equity:              
  Preferred stock, $0.01 par value, authorized 2,000,000 shares,   none issued   --       --  
  Class A Common stock, $0.001 par value; authorized 60,000,000   shares, issued 25,799,230 in 2017 and 25,656,760 in 2016,   outstanding 20,942,785 in 2017 and 20,891,069 in 2016   26       26  
  Class B Common stock, $0.001 par value; authorized 80,000,000   shares, issued 4,317,656 in 2017 and 4,308,875 in 2016,   outstanding 3,540,244 in 2017 and 3,539,931 in 2016   4       4  
  Additional paid-in capital   50,121       46,725  
  Retained earnings   75,278       71,507  
  Accumulated other comprehensive loss   (1,528 )     (2,626 )
  Treasury stock   (35,057 )     (32,830 )
    Total Shareholders' Equity   88,844       82,806  
    Total Liabilities and Shareholders' Equity $ 128,740     $ 120,624  
                    
Contact:
Kevin R. Karas   
Chief Financial Officer
402-475-2525
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